Irrevocable Trusts Benefit Long-Term Care Needs
Individual long-term care needs continue to exist, regardless of the state of the nation’s economy, politics, or changes in the law. We each may be faced with a 40 percent possibility that we will require long-term care at least once before death, according to studies
Irrevocable Trusts Benefit Long-Term Care Needs Individual long-term care needs continue to exist, regardless of the state of the nation’s economy, politics, or changes in the law. We each may be faced with a 40 percent possibility that we will require long-term care at least once before death, according to studies. The Federal Deficit Reduction Act which recently passed has increased restrictions on Medicaid asset protection strategies. However, this has increased the value of other techniques which remain viable. Setting up an Irrevocable Trust is one strategy that benefits many clients in regard to long-term care. Even if current health is not an issue for you or your spouse, if you have not purchased insurance for long-term care or otherwise planned how to pay for the expense of long-term nursing care, or if you are worried about preserving your assets, you may want to consider talking to an attorney about an Irrevocable Trust. Your family will benefit when assets are preserved in a trust. When properly managed and funded, the assets in an Irrevocable Living Trust may be preserved from various long-term are costs, including in- home and nursing home care. Lifetime Protection Because it can’t be revoked or modified except under specific limited circumstances, an Irrevocable Trust is designed for lifetime protection. In addition to protection against long-term health care costs, it can also achieve such estate planning goals as estate tax reduction, establishment of charitable legacies, and provision of asset protection for family survivors. At Minko Law Office, we understand the complex intersection of local, state and federal Regulations involved in Medicaid planning and we can help in the difficult situation where a loved one needs long- term care. An Irrevocable Trust is a highly complex document and needs to be handled by an experienced legal professional. Calling sooner rather than later is important, because the timing of your decisions dramatically impacts qualification for many public benefits. Experienced estate planning attorneys Brooklyn NY of the Minko Law Office offers estate planning and business planning resources to residents of Brooklyn NY. To learn more about these free resources, please visit www.minkolaw.com/ today.